The ongoing Russia-Ukraine conflict has emerged as a concern for the Readymade Garment (RMG) sector of Bangladesh, said BGMEA.
Russia, a potential and emerging market for Bangladesh RMG exports, has come under a wide range of sanctions imposed by a number of countries, it said in a statement.
Especially, blocking of Russian banks' access to the SWIFT international payment system appears to be a major challenge for our trade.
Bangladesh exported garment products worth $ 593 million to Russia in 2020-2021 fiscal year.
BGMEA is closely monitoring the situation and we have advised our members to send us information with regard to buyers they are working with for exports to Russia, overdue payments and details of the concerned banks.
"We also advised our members and exporters to be in touch with their buyers and lien banks and take necessary decisions based on discussions with them," said the statement.
BGMEA has also taken up the matter with the relevant ministries of the Bangladesh Government, particularly the Ministry of Commerce and the Ministry of Foreign Affairs.
The government has already called for a meeting regarding the issue to understand the severity of the matter and take necessary measures.
The trade body issued the statement to clarify BGMEA’s position regarding this issue and hoped all from their respective positions will remain watchful of the situation.
